FG TO LINK CREDIT SCORES TO NIN, MOVE AGAINST LOAN DEFAULTERS WITH PASSPORT, LICENSE RESTRICTIONS

The Federal Government of Nigeria is finalizing plans to integrate individual credit scores with the National Identification Number (NIN) in a bold new move to curb loan default and improve financial accountability.

According to top officials from the Ministry of Finance and the National Identity Management Commission (NIMC), the policy aims to track the financial behavior of citizens more effectively. Defaulters of digital loans or bank credit facilities may soon face restrictions such as denial of international passports, driver’s license renewals, and other government services.

The initiative, still under review, is expected to be implemented in collaboration with financial institutions, digital lenders, and law enforcement agencies. Experts say it could significantly reduce bad debt while also encouraging responsible borrowing and financial discipline.

Critics, however, have raised concerns over data privacy and the need for robust regulatory frameworks to prevent abuse.